The Dangote Refinery has reversed its earlier decision to increase the ex-depot price of Premium Motor Spirit (PMS), maintaining the cost at N1,275 per litre instead of the previously announced N1,350.
The initial price adjustment, announced on Wednesday, would have marked the third upward review of petrol prices within a single week, raising concerns among consumers and industry stakeholders already grappling with rising fuel costs. However, in a swift turnaround later the same day, the refinery opted to suspend the increase, offering temporary relief to marketers and motorists across the country.
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The reversal comes amid heightened volatility in global oil markets, largely driven by escalating tensions in the Middle East. Analysts have linked recent fluctuations in petrol pricing to the ongoing geopolitical conflict involving the United States, Israel, and Iran. The situation has disrupted supply expectations and triggered uncertainty in crude oil pricing worldwide.
Industry observers note that the Dangote Refinery’s rapid policy shift may reflect an attempt to stabilise the domestic fuel market and avoid further economic strain on consumers. Nigeria, which has long faced challenges with fuel pricing and supply, has been particularly sensitive to global oil shocks.
Despite the reversal, experts caution that the reprieve may be short-lived if geopolitical tensions persist. Fluctuations in international crude prices, coupled with foreign exchange pressures, continue to influence local pricing structures.
Marketers and distributors are now closely monitoring the refinery’s next moves, as any further adjustments could have immediate ripple effects on transportation costs and the broader economy.
For now, the decision to hold prices steady at N1,275 per litre provides a brief window of stability in an otherwise uncertain market environment.
